Simply 1 in 3 over-55s began property planning

Two thirds (62%) of over-55s have by no means taken any monetary or authorized recommendation on property planning, in accordance with a brand new report.

One in three (31%) of married or co-habiting {couples} have by no means mentioned what’s going to occur to their family earnings if one in every of them dies, in accordance with the report from Key Later Life Finance.

A fifth (18%) of over-55s surveyed didn’t have any monetary plans in place if one in every of them dies.

There was additionally a lack of information relating to advantages when one accomplice dies.

Solely half (54%) of these surveyed knew in the event that they have been the named beneficiary on their accomplice’s pension. 1 / 4 (25%) of these surveyed would obtain nothing both as a result of their accomplice doesn’t have a pension, or they don’t seem to be the named beneficiary.

Regardless of 67% of these surveyed proudly owning their residence outright with no mortgage, the analysis discovered that 9% of {couples} imagine they must transfer residence if their accomplice died. The principle causes cited have been struggling to afford payments and maintenance (45%) or not with the ability to afford the mortgage (12%).

Will Hale, CEO at Key, stated: “Bereavement is unfortunately inevitable for all of us and being ready financially with intentions made clear in a will may be some consolation notably when so many individuals imagine they could possibly be pressured to maneuver residence consequently.

“Speaking concerning the monetary affect of bereavement is a vital first step and looking for impartial authorized and monetary recommendation might help individuals be ready within the occasion of their accomplice’s loss of life.”

There was a big distinction throughout the areas as to how effectively ready {couples} are for bereavement.

These most certainly to have mentioned bereavement have been within the North East, with 46% of these surveyed having mentioned what would occur to family earnings if one dies.

North Jap over-55s have been additionally most certainly to have taken skilled recommendation, with 80% of respondents having reached out for property planning providers. Survey respondents within the East of England and London have been the following most certainly to have taken monetary or authorized recommendation on property planning, at 70% and 71% respectively.


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